Rupee snaps 3-day downtrend, ends 18 p up at 54.70 on dollar sales
Meanwhile, the Indian stock market benchmark Sensex closed 147.50 points lower at a two-week low.
The premium for the forward dollar continued to rule on persistent receipts by exporters.
The benchmark six-month forward dollar premium payable in April dropped to 144-146 paise from Monday's close of 149-1/2- 151-1/2 paise.
Far-forward contracts maturing in October also dipped to 281-283 paise from 287-289 paise.
The RBI has fixed the reference rate for the US dollar at 54.9590 and for euro at 70.0345.
The rupee improved further against the pound sterling to 86.72 from last close of 87.16. It also zoomed further against the Japanese yen to 67.41 per 100 yen from 69.08.
The rupee, however, recovered slightly against the euro to 67.41 from previous close of 69.83.
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